October 27, Interim Report III

Transcription

1 October 27, 26 Interim Report III January September 26

2 2 BUSINESS GROUPS The Pöyry Group s net sales for the period under review were EUR 45.9 million (378.3 million in the same period 25). Profit before taxes was EUR 34.1 (26.9) million. The Group s consolidated balance sheet is healthy. The equity ratio was 47.3 (5.7) per cent and the net debt/equity ratio (gearing) (-23.6) per cent. Earnings per share were EUR.38 (.32) and the return on investment 28.1 (24.4) per cent. The order stock increased by EUR 65.2 million during the period under review to EUR million. The number of personnel increased, amounting to 6252 at the end of the review period (568 at the end of 25). Consolidated net sales will increase during 26. Profit before taxes will improve clearly in 26. This interim report has been prepared in accordance with the International Financial Reporting Standards (IFRS). The data in this interim report are unaudited. Energy Net sales for the period under review were EUR (114.5) million. Operating profit was EUR 1.2 (5.9) million. Demand for energy-related services has remained good and the business group has strengthened its global market position. The order stock is good, amounting to EUR million at the end of the review period (195.2 at the end of 25). The most important new projects were the hydropower plant contract with Verbund Austrian Hydro Power in Austria (EUR 13 million), the power plant engineering contract with EGL Group in Italy (EUR 7.3 million), the hydropower plant contract with SouthEast Asia Energy Limited in Laos (EUR 8.9 million), the hydropower plant contract with Hochtief Glendoe Joint Venture in the United Kingdom (EUR 5 million) and the sea water cooling project for Qatar Petroleum in Abu Dhabi (EUR 17 million). Forest Industry Net sales for the period under review were EUR (148.9) million. Operating profit amounted to EUR 15.4 (14.7) million. Most of the forest industry s new investments have been directed to emerging markets. Demand for local engineering services and operations improvement services has remained stable. Demand for consulting services has grown. The business group s order stock has remained stable, amounting to EUR 111. million (97.3 million at the end of 25), which is a good figure. The most important new projects received during the review period were the hydrogen peroxide plant engineering and project services contract with Solvay S.A. in Belgium, the recovery line project for UPM- Kymmene s Kymi pulp mill in Finland (EUR 1 million) and engineering, procurement

3 Interim Report III/26 and construction management, and owner s engineering services for the Klabin and Aracruz pulp mills in Brazil (about EUR 2 million). Infrastructure & Environment Net sales for the period under review were EUR (114.6) million. Operating profit was EUR 9.5 (6.2) million. Demand in the infrastructure and environment markets has remained stable. The business group has continued to strengthen its position in local and international markets. The order stock amounted to EUR million (159.5 at the end of 25), which is a good level. The most important new projects were the light rail transport system contract with Metro de Maracaibo C.A. in Venezuela (EUR 13.1 million), the high-speed railway construction supervision contract with Zhengzhou-Xian Passenger Dedicated Line Company Ltd in China (EUR 2.6 million) and the continuation of implementation services for line No. 1 of C.A. Metro de Valencia s light rail system in Venezuela (EUR 12.6 million). PÖYRY GROUP ADOPTED PÖYRY BRAND GROUP STRUCTURE The extraordinary General Meeting on March 28, 26 decided to change the company s business name to Pöyry Oyj, in English. The change was registered in the Trade Register on April 3, 26. The Pöyry Group s entire business has been brought together under one brand, Pöyry. Accordingly, all Group companies will be named in a uniform manner, beginning with Pöyry. They also use the common brand in all markets. The introduction of the Pöyry brand will be completed during 26. The objective of this change is to unite the resources of the Group s extensive office network and to concentrate all communications clearly and effectively under one name. In addition to supporting the company s growth objectives, the change will strengthen the Global Network Company concept and promote the company s international recognition. Energy The Energy business group has expanded its global presence in the oil and gas engineering and consulting sector by acquiring in May IGL Consultants Ltd, headquartered in Aberdeen, UK. IGL s main operational bases are in Aberdeen (UK), Stavanger (Norway), Perth (Australia) and Kuala Lumpur (Malaysia) and it has 117 employees. IGL s net sales amounted to EUR 11 million in 25. It has a wide client base that includes international and national oil companies and independents. IGL was consolidated into Pöyry Group as of May 26. After the period under review the Energy business group in October expanded its management consulting business by acquiring Convergence Utility Consultants Ltd, headquartered in Switzerland. The joining of forces represents an excellent strategic fit and strengthens Pöyry s position as the biggest consultant in the European energy market. Convergence s main operational bases are in Dusseldorf, Milan, Paris, Warsaw and Zurich and it has 7 employees. Convergence is a business, strategy and economics consulting firm serving utility companies, regulators and energy-sector institutions. Its service portfolio covers a 3

4 ORDER STOCK Interim Report III/26 broad spectrum relating to producers, network carriers, retailers and suppliers. The company s net sales amounted to EUR 8 million in 25. Forest Industry Pöyry Civil Oy (formerly JP-Kakko Oy) acquired in February 1 per cent of the shares of Salminen & Sorasalmi Oy of Espoo, Finland. The company s net sales are EUR.7 million and it has a staff of nine. Salminen & Sorasalmi strengthens the structural engineering operations of Pöyry Civil Oy and broadens its business in Russia and the Baltic countries. Salminen & Sorasalmi Oy was merged into Pöyry Civil Oy on September 3, 26. In March, the Forest Industry business group formed a joint venture with the Shandong Light Industry Design Institute to provide detail engineering services in China. The joint venture, Pöyry Shandong Engineering Consulting Co. Ltd, is 7 per cent owned by Pöyry. The company is based in Jinan, Shandong Province in eastern China, and has a staff of about 1. The joint venture is a major step in strengthening Pöyry s local engineering presence in China, building on the existing operations in Shanghai and Beijing. In June, Pöyry Civil Oy bought the entire share capital of TH Consulting Oy, Espoo, Finland. The company specialises in structural design. Its net sales amount to EUR.4 million. Infrastructure & Environment Pöyry Environment Oy (formerly Soil and Water Ltd) in February acquired 1 per cent of the shares of Savon Tekmi Oy, based in Kuopio, Finland. Savon Tekmi Oy has net sales of EUR.9 million and a staff of twelve. The acquisition strengthens Pöyry s local operations in eastern Finland. Savon Tekmi Oy specialises in geotechnical, foundation and municipal engineering. It also has expertise in surveying and in planning, and in research related to contaminated soils. Savon Tekmi Oy was merged into Pöyry Environment Oy on September 3, 26. In August the business group increased its ownership in Entec A.S., Estonia. Pöyry Environment Oy s ownership increased from 42 per cent to 67 per cent of Entec s shares. Entec s net sales amount to about EUR 1 million and it has 3 employees. The transaction strengthens Pöyry s position in the Estonian engineering services market. Entec A.S. specialises in consulting and engineering services in the fields of water supply, community planning, municipal engineering, waste management, environmental consulting and contaminated soils. The company has a leading position in its own business sector in Estonia. Its main clients are governmental bodies, cities, municipalities, industry, trade, construction companies and other private enterprises. The Group s order stock is good. It increased by EUR 65.2 million during the period under review, totalling EUR million at the end of September. At the end of 25 the order stock was EUR million. CAPITAL EXPENDITURE 4 The Group s capital expenditure for the period under review totalled EUR 2.3 (16.5) million, of which EUR 6.8 (5.5) million consisted of computer software, hardware and systems and EUR 13.5 (11.) million were capital expenditure due to share investments.

5 5 SHARE CAPITAL AND SHARES The total number of shares at the end of 25 was The Annual General Meeting on March 7, 26 decided to increase the number of shares in proportion to the ownership of the shareholders, without increasing the share capital ("share split"). The share split was realised so that all shares of the company with an accounting par value of EUR 1. were split so that each share entitled to four (4) new shares with an accounting par value of EUR.25 each. The share split was registered in the Trade Register on March 13, 26. As a result, the total number of shares in the company quadrupled from to shares. The share capital remained unchanged at EUR The new shares created through the share split were available for public trading on the Helsinki Stock Exchange as of March 14, 26. issued in 24 stock options to the management of the Group as well as to a wholly-owned subsidiary of. According to the original terms, the stock options entitle to subscription of a maximum of 55 shares in, and each stock option entitles the holder to subscribe one share in the company. Because of the share split, the General Meeting decided on March 7, 26 to amend the terms and conditions of the stock options issued in 24 accordingly. Each stock option will entitle the holder to subscribe four (4) shares in the company with an accounting par value of EUR.25 each, with the total subscription price remaining unchanged. The share subscription periods are the following: for 66 shares (after the share split) between March 1, 27 and March 31, 21, for 66 shares (after the share split) between March 1, 28 and March 31, 211, and for 88 shares (after the share split) between March 1, 29 and March 31, 212. All stock options have been issued and their receipt confirmed. The Annual General Meeting authorised the Board of Directors to decide on an increase in the share capital by a new issue and/or by taking a convertible loan and/or by issuing option rights so that based on the new issue, the convertible bonds and the option rights the share capital can be increased by a maximum of EUR 2.8 million by issuing for subscription 2.8 million new shares (no more than 11.2 million after the share split). The authorisation is in force until March 7, 27. The Annual General Meeting authorised the Board of Directors to acquire and convey the company s own shares to a maximum of 1 4 shares (no more than 5 6 new shares after the share split). The authorisations are in force until March 7, 27. The Annual General Meeting decided that a dividend of EUR 1.3 be distributed per outstanding share for 25 (EUR 1.2 for 24), which equals EUR.325 (.3) after the share split, totalling EUR 18.9 million. The dividend was paid on March 17, 26. The company s shares are quoted on the Helsinki Stock Exchange. The average trading price during the period under review was EUR 8.87, with a high of EUR 1.1 and a low of EUR 7.65 (share prices after share split). A total of 19.2 million of the company s shares were traded, equalling 33.1 per cent of the total number of shares and corresponding to a turnover of EUR 17.4 million.

6 6 PROSPECTS Energy Good opportunities for growth in demand for energy-related services are created as the economies of Southeast Asia, Latin America and Europe are growing, and as the EU expands. Increasing EU energy legislation is driving demand for industry-specific management consulting services in the energy sector, and therefore Pöyry has strengthened its position in this area by an acquisition. Environmental legislation continues to boost demand for renewable energy and plant refurbishment services. The high price of crude oil is creating new opportunities within the oil and gas sectors. In the thermal power sector clients focus on diversifying their energy mix. The Energy business group s market position has improved further and its order stock is good. The business group s operating profit will improve clearly in 26. Forest Industry Investment activity in the forest industry will remain relatively strong in emerging markets. Rising production costs continue to call for operational and productivity improvements in mature markets. Industry restructurings will increase demand for consulting and investment banking services. The business group s order stock is good. The business group s operating profit will improve somewhat during 26. Infrastructure & Environment The infrastructure and environment markets have improved in the course of 26. Demand prospects have improved especially in Western Europe, where the recovery of national economies has boosted investments in the public sector. Maintaining a local presence is becoming more important in emerging markets. The business group s order stock has remained good. The operating profit will improve clearly in 26. Group The Group has a strong market position in all of its business areas. The order stock is good and has increased by EUR 65.2 million during the period under review. Consolidated net sales will increase in 26. Profit before taxes will improve clearly in 26. Vantaa, Finland, October 26, 26 Board of Directors

7 7 Consolidated statement of income 7-9/26 7-9/25 1-9/26 1-9/ /25 NET SALES 153, 125,1 45,9 378,3 523,6 Other operating income,,5,2,7,8 Share of associated companies' results,1,3,9,7,8 Materials, supplies and subconsulting -23, -18,9-66,3-49,6-75,1 Personnel expenses -78,6-66,6-24,7-29,2-283,2 Depreciation -2, -1,9-5,8-5,9-7,9 Other operating expenses -36,3-28,7-15,5-89,1-121,8 OPERATING PROFIT 13,2 9,8 33,7 25,9 37,2 Proportion of net sales, % 8,6 7,8 7,5 6,8 7,1 Financial income,7,8 1,8 1,4 2,2 Financial expenses -,6 -,4-1, -,6 -,6 Exchange rate differences -,1,2 -,4,2,3 Value decrease,,,, -,5 PROFIT BEFORE TAXES 13,2 1,4 34,1 26,9 38,6 Proportion of net sales, % 8,6 8,3 7,6 7,1 7,4 Income taxes -4,2-3,2-1,9-8,5-12,3 NET PROFIT FOR THE PERIOD 9, 7,2 23,2 18,4 26,3 Attributable to: Equity holders of the parent company 8,6 7,4 22,4 18,2 25,9 Minority interest,4 -,2,8,2,4 Earnings per share, EUR,14,13,38,32,45 Corrected with dilution effect,15,13,39,32,45

8 Sept. 3, Sept. 3, December 31, Consolidated balance sheet ASSETS NON-CURRENT ASSETS Goodwill 5,7 38,8 42,4 Intangible assets 7,2 5,8 8,5 Tangible assets 16, 15,7 15,2 Share ownership 11,7 13, 11,6 Loans receivable 1,6 1, 1,1 Deferred tax receivables 6,1 6, 6,5 Pension receivables 4,4 4,9 4,3 Other 8, 8,8 9,4 15,7 94, 99, CURRENT ASSETS Work in progress 68, 67,9 56,6 Accounts receivable 124,9 13,3 18,1 Other receivables 26, 18,8 21,6 Cash and cash equivalents 59,1 44,3 64,5 278, 234,3 25,8 TOTAL 383,7 328,3 349,8 SHAREHOLDERS' EQUITY AND LIABILITIES SHAREHOLDERS' EQUITY Equity attributable to the equity holders of the parent company Share capital 14,5 14,5 14,5 Share premium reserve 31,5 31,5 31,5 Legal reserve 18,6 18,2 18,6 Translation difference -1,4-8,4-8,6 Retained earnings 69,2 62,1 62,2 Net profit for the period 22,4 18,2 25,9 145,8 136,1 144,2 Minority interest 5,7 4,8 4,7 151,5 14,9 148,9 LIABILITIES Non-current liabilities Interest bearing non-current liabilities 5,1 7,6 6,8 Pension obligations 6,9 6,7 6,8 Deferred tax liability 2,7,5 2,9 Other non-current liabilities 5,8 1,2 7,7 2,5 25, 24,2 Current liabilities Amortisations of interest bearing non-current liabilities 2,6 3,2 2,6 Interest bearing current liabilities 17,6,3 1,3 Provisions 4,9 1,5 3,4 Project advances 63,5 5,6 51, Accounts payable 19,8 16,8 18,8 Other current liabilities 13,3 9, 99,6 211,7 162,4 176,7 TOTAL 383,7 328,3 349,8 8

9 Statement of changes in financial position 7-9/26 7-9/25 1-9/26 1-9/ /25 FROM OPERATING ACTIVITIES Net profit for the period 9, 7,2 23,2 18,4 26,3 Depreciation and value decrease 2, 1,9 5,8 5,9 8,4 Gain on sale of fixed assets -,1, -,1, -,1 Share of associated companies' results -,1 -,3 -,9 -,7 -,8 Financial items, -,6 -,4-1, -1,9 Income taxes 4,2 3,2 1,9 8,5 12,3 Change in work in progress -,2-8,5-11,4-21,3-3,5 Change in accounts and other receivables -9,8 1,7-16,7-2,2-4,2 Change in advances received 1,5 1,4 12,5-1, -3,3 Change in payables and other liabilities 2,4,5 5,3 11,9 12,4 Received financial income,9 1, 1,9 1,6 1,8 Paid financial expenses -,2 -,4 -,7 -,6 -,8 Paid taxes -3,1-3,2-9,1-8,5-11,3 Total from operating activities 6,5 3,9 2,3 11, 35,3 CAPITAL EXPENDITURE Investments in shares in subsidiaries -,2-8, -13,1-8, -1,4 Investments in other shares, -1,7, -3, -2,7 Investments in fixed assets -3,6-1,6-6,8-5,5-8, Sales of other shares,,,5, 1,1 Sales of fixed assets,,6,1,8,8 Capital expenditure total, net -3,8-1,7-19,3-15,7-19,2 Net cash before financing 2,7-6,8 1, -4,7 16,1 FINANCING Repayments of loans -,4 -,5-1,7-1,8-2,6 Change in current financing 6,4, 16,3,7 1, Change in non-current investments -,3, -,3, -,1 Dividends,, -19,4-17,2-17,1 Share subscription,,, 2,5 2,5 Translation difference, 2,6-1,3 2,6 2,6 Net cash from financing 5,7 2,1-6,4-13,2-13,8 Change in liquid assets 8,4-4,7-5,4-17,9 2,3 Liquid assets at the beginning of the period 5,7 49, 64,5 62,2 62,2 Liquid assets at the end of period 59,1 44,3 59,1 44,3 64,5 9

10 Changes in equity 7-9/26 7-9/25 1-9/26 1-9/ /25 Share capital beginning of period 14,5 14,5 14,5 14,1 14,1 Shares subscribed with warrants,,,,4,4 Share capital end of period 14,5 14,5 14,5 14,5 14,5 Share premium reserve beginning of period 31,5 3,5 31,5 28,4 28,4 Shares subscribed with warrants,,, 2,1 2,1 Minority change, 1,, 1, 1, Share premium reserve end of period 31,5 31,5 31,5 31,5 31,5 Legal reserve beginning of period 18,6 18,2 18,6 18,2 18,2 Transfer, retained earnings,,,,,5 Legal reserve end of period 18,6 18,2 18,6 18,2 18,6 Translation differences beginning of period -1,8-12, -8,6-1,6-1,6 Change during the period,4 3,6-1,8 2,2 2,1 Translation differences end of period -1,4-8,4-1,4-8,4-8,6 Retained earnings beginning of period 83,1 7,7 88,1 76,5 76,5 Payment of dividend,, -18,9-16,9-16,9 Minority change, 1,8, 1,8 1,8 Transfer, retained earnings,,,, -,5 Other,,4,,7,8 Translation difference included in the result -,1,,,,5 Net profit for the period 8,6 7,4 22,4 18,2 25,9 Retained earnings end of period 91,6 8,3 91,6 8,3 88,1 Minority interest beginning of period 5, 7,5 4,7 7,1 7,1 Change during the period,3-2,5,2-2,5-2,8 Net profit for the period,4 -,2,8,2,4 Minority interest end of period 5,7 4,8 5,7 4,8 4,7 Total equity beginning of period 141,9 129,4 148,9 133,7 133,7 Payment of dividend,, -18,9-16,9-16,9 Shares subscribed with warrants,,, 2,5 2,5 Other changes,3,7,1 1,,8 Translation differences,4 3,6-1,8 2,2 2,1 Translation difference included in the result -,1,,,,5 Net profit for the period 9, 7,2 23,2 18,4 26,3 Total equity end of period 151,5 14,9 151,5 14,9 148,9 1

11 Sept. 3, Sept. 3, December 31, Contingent liabilities For own debt,,, Other obligations Pledged assets,3,3,4 Rent and leasing obligations 16,7 111,3 18,7 Other obligations 43,8 48,4 51,7 For others Pledged assets,1,1, Other obligations,,, Derivative instruments Foreign exchange forward contracts, notional values 26,2 29,7 21,3 Foreign exchange forward contracts,,3-1,2,2 fair values -,2, -1,1 Currency options, notional values, 1,, fair values, -,2, Interest rate swaps, fair values, -,1, has made interest rate swaps for EUR 6.9 million external loans. 11

12 Key figures 7-9/26 7-9/25 1-9/26 1-9/ /25 12 Earnings / share, EUR,14,13,38,32,45 Corrected with dilution effect,15,13,39,32,45 Equity attributable to equity holders of the parent company/share, EUR 2,51 2,34 2,48 Return on investment, % p.a. 28,1 24,4 25,8 Return on investment, % p.a. for the business groups Energy 19,8 14,7 16,4 Forest Industry 29,2 28,5 29,2 Infrastructure & Environment 23,3 15, 18,5 Return on equity, % p.a. 2,6 17,9 18,6 Equity ratio, % 47,3 5,7 49,8 Equity / Assets ratio, % 39,5 42,9 42,6 Net debt / Equity ratio (gearing), % -22,3-23,6-36,1 Net debt, -33,8-33,1-53,8 Consulting and engineering, 52,1 388,1 428,1 EPC, 15,2 32,2 24, Order stock total, 517,3 42,3 452,1 Capital expenditure, operating, 3,6 1,6 6,8 5,5 8, Capital expenditure in shares,,2 9,7 13,5 11, 17,8 Personnel in Group companies on average Personnel in Group companies at the end of the period Personnel in associated companies at the end of the period

13 13 Segment information 1-9/6 1-9/5 1-12/5 1-12/4 1-3/5 4-6/5 7-9/5 1-12/5 1-3/6 4-6/6 7-9/6 NET SALES Energy 137,5 114,5 16, 42,3 37,8 39,3 37,4 45,5 42,8 45,6 49,1 Forest Industry 164,6 148,9 199,3 5,1 5, 51,5 47,4 5,4 52,8 57, 54,8 Infrastructure & Environment 147,7 114,6 164,9 37,3 35,7 39,2 39,7 5,3 48,3 5,7 48,7 Unallocated 1,1,3 -,6 -,5 -,2 -,1,6 -,9,1,6,4 Total 45,9 378,3 523,6 129,2 123,3 129,9 125,1 145,3 144, 153,9 153, OPERATING PROFIT AND NET PROFIT FOR THE PERIOD Energy 1,2 5,9 9,1 2,5 2, 2,1 1,8 3,2 3,2 3,3 3,7 Forest Industry 15,4 14,7 19,7 5,3 4,1 4,7 5,9 5, 4,4 4,6 6,4 Infrastructure & Environment 9,5 6,2 9,2 2,1 1,3 2,6 2,3 3, 3,3 2,8 3,4 Unallocated -1,4 -,9 -,8 -,7 -,2 -,5 -,2,1 -,7 -,4 -,3 Operating profit total 33,7 25,9 37,2 9,2 7,2 8,9 9,8 11,3 1,2 1,3 13,2 Financial items,4 1, 1,4,5,3,1,6,4,3,1, Profit before taxes 34,1 26,9 38,6 9,7 7,5 9, 1,4 11,7 1,5 1,4 13,2 Income taxes -1,9-8,5-12,3-3,9-2,5-2,8-3,2-3,8-3,5-3,2-4,2 Net profit for the period 23,2 18,4 26,3 5,8 5, 6,2 7,2 7,9 7, 7,2 9, Profit attributable to: Equity holders of the parent company 22,4 18,2 25,9 5,2 4,7 6,1 7,4 7,7 6,9 6,9 8,6 Minority interest,8,2,4,6,3,1 -,2,2,1,3,4 OPERATING PROFIT % Energy 7,4 5,2 5,7 5,9 5,3 5,3 4,8 7, 7,5 7,2 7,5 Forest Industry 9,4 9,9 9,9 1,6 8,2 9,1 12,4 9,9 8,3 8,1 11,7 Infrastructure & Environment 6,4 5,4 5,6 5,6 3,6 6,6 5,8 6, 6,8 5,5 7, Total 7,5 6,8 7,1 7,1 5,8 6,9 7,8 7,8 7,1 6,7 8,6 ORDER STOCK Energy 222,6 197,6 195,2 171,8 167,1 23,4 197,6 195,2 22, 237,1 222,6 Forest Industry 111, 78,3 97,3 82,5 82,5 79,6 78,3 97,3 111,4 19,1 111, Infrastructure & Environment 183,7 144,2 159,5 118,8 127, 121,1 144,2 159,5 187,6 185,3 183,7 Unallocated,,2,1,1,3,2,2,1,1,, Total 517,3 42,3 452,1 373,2 376,9 44,3 42,3 452,1 519,1 531,5 517,3 Consulting and engineering 52,1 388,1 428,1 359,3 366,7 367,4 388,1 428,1 496,9 514, 52,1 EPC 15,2 32,2 24, 13,9 1,2 36,9 32,2 24, 22,2 17,5 15,2 Total 517,3 42,3 452,1 373,2 376,9 44,3 42,3 452,1 519,1 531,5 517,3 NET SALES BY AREA The Nordic countries 112,4 12,7 137,1 Europe 23,8 163,8 229,2 Asia 53,2 52,4 72,5 North America 19,5 13,7 18,1 South America 46,1 27,5 43,7 Other 15,9 18,2 23, Total 45,9 378,3 523,6 The figures in the interim report are unaudited.

14 14 NET SALES EUR OPERATING PROFIT BEFORE PROFIT TAXES EUR EARNINGS/SHARE ,2 1, 14 14, ,8,15,7 1 1, ,1, ,4,3,5,2 2 2, #REF! #REF! 26, #REF! % 3 6 RETURN ON INVESTMENT %% 3 NET DEBT/EQUITY RATIO (GEARING) 7 FINANCING /4 3/59/4 6/5 9/5 12/5 3/6 12/4 6/6 9/6-5 12/4 3/59/46/5 9/5 12/5 3/612/46/6 9/ /4 3/59/46/5 9/5 12/5 3/6 12/4 6/6 9/6 Cash in hand Inter.bear. liab. Cash in hand Inter.bear. liab. Net cash Net cash 3 6 ORDER STOCK 5 7 PERSONNEL /4 3/5 6/5 9/5 112/5 3/6 6/6 9/6 Consulting and and engineering EPC EPC 5 12/4 3/5 6/5 9/5 12/5 3/6 6/6 9/6 1 Group companies companies Associated Associated companies companies